Image Entertainment Reports 4th-Quarter Profit

Image Entertainment Inc., the Chatsworth distributor of movies on laser discs, reported net income of $648,000 for the fiscal fourth quarter that ended March 31, compared with a loss of $13.8 million for the same period the previous year. Revenue for the fourth quarter was $12 million, down 30% from $17.1 million in the same period the previous year.

For the fiscal year, the company reported net income of $3.4 million compared with a net loss of $17 million in fiscal 1993. Revenues for the year were $66.2 million, up 10% from $60.4 million the year before.

The company said fourth-quarter sales decreased because it was unable to remove inventory from its damaged warehouse following the Jan. 17 Northridge earthquake. It attributed the fourth-quarter profit to cost-cutting measures begun in March, 1993. Since last year, 17% of the company’s work force, including three senior executives, have been laid off.